S&P ups Corporate Executive, loans to BB

Standard & Poor's said it raised its corporate credit rating on Corporate Executive Board Co. to BB from BB-.

The outlook is stable.

At the same time, the agency raised its issue-level rating on the company's $725 million senior secured credit facility to BB from BB-. The 3 recovery rating remains unchanged, indicating an expectation for meaningful recovery (50%-70%) for debtholders in the event of a payment default.

"The upgrade reflects a steady improvement in CEB's leverage over the past 18 months, consistent with management's stated financial policy, as a result of debt repayment and subscriber and organic revenue growth," S&P credit analyst Elton Cerda said in a news release.

The company has also made steady progress in integrating its 2012 acquisition of SHL Group Ltd., which was a transformative acquisition at the time. S&P expects that the company's organic revenue and EBITDA will continue to grow, its operating performance will remain strong and its credit measures will continue to improve.

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